What is ACH Origination?
ACH Origination is a business online service that is offered which allows you to setup ACH transfers to pull or send funds in/out of your Hingham Savings account for business related transfers.
How do I get ACH Origination access?
In order to setup ACH Origination access on your Business Online login please reach out to a Cash Management Specialist at 781-783-1701. A representative will discuss the need and requirements of your ACH request and will then send you an ACH Agreement to fill out and sign.
What is ACH Origination used for?
ACH should be used for business related transactions such as disbursements, rental payments, payroll or merchant invoices. The ACH origination feature offers a recurring frequency which can be setup for a "set it and forget it" type of transfer that needs to be sent regularly.
What do I need to get started setting up my ACH transfers?
Before setting up you ACH transfer you will need to have the account number, ABA and name of the person or company that you are sending or pulling from. When obtaining this information you should utilize the Authorization Form in order to verify that your vendor is authorizing you to debit or credit their account.
Once you have the information needed to setup your transfer please refer to the Using ACH Payments article to walk you through entering an ACH Origination.
What limits should I be choosing on my ACH agreement?
The limits entered on the ACH agreement are monthly limits and should be selected based off what your companies needs. For risk purposes, we recommend that your requested limit is not much higher than you plan on using on a monthly basis.
Can I setup dual control for my ACH transfers?
Yes, if you would like to, you can setup dual control so that a user can initiate and another user will need to approve, making it so that two users are involved with ever ACH transfer before it is processed. This request will be made on the user matrix page of your ACH agreement.
How long does it take for an ACH transfer to process?
Same day transfers can be made if setup before 4:45pm EST. Otherwise, you will choose your transfers effective date. Please note that weekends and holidays are not available for ACH processing.